Perhaps the most important ingredient in the long-term economic well-being of Maine is a younger workforce educated to do the work of the future.
The editorial about using the tax structure to attract young educated workers to Maine focused on the right target. However, we should consider a simpler solution that may be easier to sell to the new workforce and the taxpayers as well. Maine’s high tax rate puts us at a disadvantage when it comes to attracting new businesses and highly qualified new residents.
Why not use it to attract the workforce of Maine’s future?
Let’s keep it simple by offering a 100 percent tax credit (that can be carried forward) for education debt incurred toward a degree or certificate of completion of a trade education. In the short run, this may have a negative effect on income tax revenue, but if we don’t attract the future skilled workforce, the longer tax-revenue stream is in real danger.
I believe that a thoughtful analysis of the net present value would show that this idea would have a very positive outcome. Perhaps someone with the data and skills to do the analysis could give it to our new governor and elected representatives so they can make it happen. It might be a no-brainer.
Gregory T. Barmore
Harpswell
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